Moody's shifts Cimpress view to stable

Moody's Investors Service said it changed the outlooks for Cimpress plc's and subsidiary Cimpress USA Inc. to stable from negative.

The agency also affirmed Cimpress’ credit ratings, including the B1 corporate family rating and upgraded the company's speculative grade liquidity rating to SGL-2 from SGL-3, reflecting improved liquidity. Moody's also affirmed the ratings at Cimpress USA, including the senior secured credit facility at Ba2.

“The affirmation of the B1 CFR and change of outlook to stable from negative reflect a rebound in the company's operating performance following a period of weaker performance in the early stages of the pandemic and Moody's expectation for continued recovery, with further cash flow and leverage improvements over the next 12-18 months,” the agency said in a press release.

Cimpress’ SGL-2 rating reflects good liquidity supported by positive and improving internally generated cash flows and a large $850 million committed revolving credit facility, Moody’s said.

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